Inflation affects all consumers, but older Americans are facing an especially dramatic loss of buying power. A recent survey by the Senior Citizens League shows that Social Security benefits have seen a 36 percent loss in buying power since 2000. That number is actually an improvement from 2022, when the loss of buying power was …
Continue reading “Social Security Check Not Keeping Up With Inflation”
There is a widespread misconception that estate planning is simply a method of directing one’s assets to designated beneficiaries in the event of death. That’s simply too narrow of a view. Estate planning is necessary—crucial, in fact—in the event that you become incapacitated or otherwise need a loved one to manage your finances. This can …
Continue reading “Do You Really Need an Estate Planning Attorney?”
Recently, I met with a client who had lost their spouse. They owned a home together and had purchased the real estate 40 plus years ago. In order to sell the home, since the spouse passed without a Last Will and Testament, the surviving spouse could not sell the home. They would have to resolve …
A resume’ is a document that shows employers what experience, skills, and education you have, and how you might perform in a job. If you haven’t updated your resume’ in years, it might not accurately show your abilities. Similarly, estate plans need to be updated regularly to reflect changes in your life and the law. …
Continue reading “You Update Your Resume’, Why Not Your Estate Plan”
In past columns I have discussed the importance of having a Last Will and Testament. A Will is important because it allows you to direct the distribution of your assets and enables you to name a guardian for your children. However, a Will does not take effect until you are no longer alive. What if you have …
Continue reading “Help, I’ve Fallen and Can’t Get Up! Now What?”
We all face challenges, that is life. However, sometimes events occur that result in a loved one being hospitalized or finding themselves in need of extensive care or worse, loss of a loved one. These are just some compelling reasons to work on your estate plan now. Making sure that you have an estate plan …
A good friend and client pointed out to me that I had not done a column on lettres of instruction. So, this week, that is the topic I will cover. A comprehensive estate plan often includes writing a Last Will and Testament to transfer your assets to your beneficiaries. Once you’ve passed away, the executor of …
Continue reading “Letters of Instruction in Estate Planning”
When you are married to someone who is significantly older or younger than you, planning for the future can be different for each of you. To make sure you and your loved ones are protected, it’s important to have a detailed financial and estate plan. To make sure your plan works as intended, you should …
As you near retirement, your approach to estate planning is different from other stages of your life. When you no longer earn a salary and benefits from a job, how will you sustain your new lifestyle? You must be able to afford your needs while securing your family’s future during retirement. This is where smart …
Continuing from last week’s column on partnerships, this week I will discuss some of the aspects of a corporation. One key point is that a corporation survives the death of one of its shareholders or officers. Partnerships cease upon the death of a partner. Deciding whether to incorporate: In deciding what type of organization …
Continue reading “What is the Difference Between a Partnership and Corporation? Part 2”
